Jio Financial stock rises 4% on plans to acquire Jio Payments Bank shares worth ₹105 crore from SBI

Jio Financial Services Ltd announced on Tuesday, March 4, that it will acquire 7.9 crore shares of Jio Payments Bank from State Bank of India (SBI) for ₹104.5 crore, making the payments bank its wholly owned subsidiary. Shares of the billionaire Mukesh Ambani-owned non-banking finance company (NBFC) surged nearly four per cent, hitting an intraday high of ₹208 on the BSE.

Jio Financial Services holds an 82.17 per cent stake in Jio Payments Bank, a joint venture between Reliance Industries-backed Jio Financial and SBI, the country’s largest state-run lender. Following the acquisition, Jio Payments Bank will become a 100 per cent subsidiary of Jio Financial Services.